Thank you and good morning, everyone. I'm joined today by Bill Waltz, President and CEO; John Deitzer, Chief Financial Officer; and John Pregenzer, Chief Operating Officer and President of Electrical.

We will take questions at the conclusion of the call. I would like to remind everyone that during this call, we may make projections or forward-looking statements regarding future events or financial performance of the company.

Such statements involve risks and uncertainties such that actual results may differ materially. Please refer to our SEC filings and today's press release, which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.

In addition, any reference in our discussion today to EBITDA means adjusted EBITDA, and any reference to EPS or adjusted EPS means adjusted diluted earnings per share. Adjusted EBITDA and adjusted diluted earnings per share are non-GAAP measures.

Reconciliations of non-GAAP measures and a presentation of the most comparable GAAP measures are available in the appendix to today's presentation. With that, I'll turn it over to Bill.

Thanks, Matt, and good morning, everyone. Starting on slide 3, we are pleased with our first quarter performance.

We achieved net sales of $656 million and adjusted EBITDA of $69 million, both were above our outlook range. Our 83 cents of adjusted EPS was also above the top end of our outlook range.

Organic volume increased 2% in the first quarter, driven by strong performance in our Electrical segment. Our teams have been focused on improving manufacturing efficiency and controlling costs, which has helped generate over $30 million of productivity savings year-over-year.

We also continued to advance our strategic alternatives process to evaluate opportunities to strengthen our business and maximize value for our shareholders. During the quarter, we completed the divestiture of our Techcon mechanical tube product line and manufacturing facility.

This sale further enhances our focus on the electrical infrastructure portfolio and is aligned with our broader 80/20 initiatives aimed at directing our manufacturing capacity to electrical end markets. In the second fiscal quarter, we expect to complete the previously announced exit of three manufacturing facilities.

We will continue to provide updates on our ongoing strategic alternatives process as appropriate as we move forward. I'm also pleased to highlight release of our fiscal year 2025 sustainability report, which we recently published.

This report details our ongoing initiatives and accomplishments toward our 2025 goals. Looking ahead to the remainder of 2026, we are on track to deliver our FY 2026 outlook that we presented in November.

We expect our net sales to be in the range of $2.95 and $3.05 billion. Our net sales outlook adjusts for approximately $40 million of annual sales related to our Techcon mechanical tube product line resulting from the divestiture.

Our adjusted EBITDA between $340 and $360 million remains unchanged. Adjusted EPS is expected to be in the range of $5.05 and $5.55.

We remain focused on our core electrical infrastructure portfolio, which is supported by broader megatrends and where we see the most opportunity for growth. Our team is focused on continuous improvement initiatives in our plants and providing unmatched service and quality for our customers.

By doing so, we are confident in our ability to drive sales volume and profitability. I'd like to take a moment to thank all of our employees for everything they do to support our key stakeholders.

With that, I'll now turn the call over to John Deitzer to talk through the results from the quarter and provide more details on our outlook.

Thank you, Bill, and good morning, everyone. Moving to our consolidated results on slide 4.

In the first quarter, we achieved net sales of $656 million and adjusted EBITDA of $69 million. Adjusted EPS was 83 cents per share compared to $1.63 in the prior year.

Our tax rate in the first quarter was 3%, a decrease from 21% in the prior year. The first quarter tax rate reflects a one-time discrete benefit associated with tax planning related to a foreign operation.

Turning to slide 5 in our consolidated bridges. Organic volumes were up 2% compared to the first quarter of fiscal '25.

Our average selling prices declined 3% during the quarter, most of which came from our PVC conduit products, which were partially offset by increased average selling prices for our steel conduit products. Moving to slide 6, our 2% volume increase during the first quarter was driven primarily from our metal electrical conduit and our plastic pipe conduit product categories.

Both product categories benefited from healthy non-residential end market demand. Our metal framing, cable management, and construction service businesses saw lower volume compared to the prior year, primarily due to the timing of certain project-based work.

We expect growth from these businesses throughout the duration of the year. Our mechanical tube business, which includes our solar-related products, is also expected to grow throughout the year due to the expected timing of large utility-scale solar projects.

As we previously communicated, we are shifting certain available capacity from our existing non-solar mechanical products to our electrical conduit products as part of our 80/20 initiative. We would expect that to continue throughout the year to help support electrical end market demand.

Overall, we continue to expect mid-single-digit volume growth for the full year. Turning to slide 7, net sales increased year-over-year in our Electrical segment, driven by higher volume growth offset by lower selling prices.

Adjusted EBITDA margins compressed in our Electrical segment due to higher material costs and lower average selling prices. Net sales in our S&I segment were lower compared to the previous year, primarily due to lower volume.

Adjusted EBITDA and adjusted EBITDA margins both increased year-over-year due to increased productivity. As Bill mentioned earlier, Atkore recognized over $30 million of year-over-year productivity, most of which was generated from our S&I segment.

Turning to slide 8, we ended the quarter in a favorable cash position despite a year-over-year decline in our operating cash flow. Keep in mind that our Q4 FY '25 operating cash flow was our strongest quarter, generating approximately $200 million.

Our first quarter in FY '26 ended before we typically receive large collections from our accounts receivables. Those cash collections fell into the first part of our fiscal Q2.

Our results included approximately $18 million in cash proceeds recognized from our Techcon tube divestiture. These proceeds represent a portion of the divestiture proceeds.

We anticipate receiving an additional $7 million in the second quarter from the sale of our real estate where the products were manufactured. Our balance sheet remains in a strong position with no debt maturity prepayments required until 2030.

Moving to slide 9, we continue to expect volume growth to be mid-single digits for the full year. Our volume growth expectations are a combination of core construction growth as well as contributions from certain growth initiatives such as solar and global construction services.

The recent Dodge Momentum Index forecast continue to support growth in the core non-residential end markets. As a reminder, we are no longer providing quarterly guidance.

Rather, we will continue to update our full-year expectations. In November, we communicated that our full-year expectations are weighted more toward the back half of the year.

We still believe this to be true. With that said, we expect our second quarter to be similar to, but slightly better than our first quarter results from an adjusted EBITDA perspective.

For the full year, we expect net sales to be in the range of $2.95 to $3.05 billion, and adjusted EBITDA in the range of $340 million to $360 million, and adjusted EPS in the range of $5.05 and $5.55. With that, I'll turn it to John Pregenzer to give an update on our end markets and our long-term strategic focus.

Thanks, John. Turning to slide 10.

Last year, we announced our intention to consolidate three manufacturing facilities. This decision helps us to prioritize our portfolio for domestically manufactured electrical infrastructure products.

These actions are part of our broader 80/20 initiative to serve our customers efficiently while also creating a more streamlined cost structure. We are on track to exit these facilities in our second fiscal quarter.

As John mentioned, our expected volume growth in fiscal '26 is a combination of base market growth and contributions from certain key strategic investments. The Dodge Momentum Index continues to suggest favorable forward-looking indicators of growth.

A recent Moody's ratings analysis suggests that $3 trillion of investment will flow into the data center market in the next 5 years to support the need for servers, computing equipment, and new power capacity. Our portfolio of metal framing, cable management, and the entirety of our conduit product line are well positioned to benefit from this growth.

As the electrical industry plans to support these growth figures, available labor continues to be top of mind. The Associated Builders and Contractors estimates that approximately 350,000 additional workers are needed to meet the demand for construction services in 2026, and that number grows to 450,000 in 2027.

Atkore has a history of prioritizing labor-saving opportunities for installers through new product development. Our PVC junction boxes, 20-foot conduit, and patented MC Glide armored cable are just a few examples of how Atkore has made construction installation more efficient.

The electrical industry is a great place to be and we are working to meet the market demand by executing our Atkore Business System centered on strategy, people, and process. With that, we'll turn it over to the operator to open the line for questions.

good morning, everyone.

Morning, Andy.

Good morning, Andy.

Morning. Can you give us a little more color on the core markets that you're seeing?

I know you just talked about it, but it looks like core PVC and metal conduit markets in terms of volume accelerated a bit in Q1 versus what you saw in FY '25. Maybe you can talk about that.

Then conversely, I know you've talked about constructions, construction services ramping up at some point. There are a lot of megaprojects out there, particularly in data centers, as you kind of said it.

When can we see that start to move?

Andy, I'll start here and then turn it over to either of the Johns. You are correct, and again, John Deitzer or something if we want to get to precise numbers, but PVC, we're seeing good growth with; steel conduit, we're seeing good growth with.

Up and, good markets overall. Then regarding data centers, it truly is just the timing of year-over-year in those projects.

We are seeing, again without giving precise numbers, we are seeing strong backlogs and commitments for orders and expansion opportunities. We're bullish on this fiscal year, and then, even more so as we get into fiscal year '27 and so forth.

Bill, begs the qu— did you want to say something else?

No, Andy, just a few more information on that is strong Dodge Momentum Index in the quarter. We could really see obviously being driven by data centers, warehousing is strong, and education, healthcare, some other end markets, we're seeing some growth.

Specifically to PVC, we have seen some increases from the border wall. That's been one of the areas that's been driving some of the stronger PVC conduit demand.

Very helpful color. It begs the question, obviously it's early in the year, but you didn't raise your EBITDA and EPS despite, pretty good Q1, especially given the good productivity.

Is there anything incrementally you're concerned about or is it just really early in the year?

Andy, I'll jump in here.

Go ahead, Bill.

Oh, go, John.

I'll start here, Andy. Yeah.

Andy, I think it's just we're first quarter, we're pleased with the results here. I think as we look forward, we still have a lot to do, I can walk through some of the other dynamics here as we're seeing, but just I think the good first quarter and want to maintain where we're at.

Bill, anything if you wanted to add?

No, I was going to do very much the same. It's to sit here, to let's hit our numbers, grow.

We had great productivity that we called out. Things are moving along at this stage, but before we get too far out ahead of ourselves, Andy, let's get in another quarter before we even start talking about the second half of the year, because there still is, a reasonable pick-up in Q3 and Q4.

It just seems like the wise thing to do at this stage.

Agreed. Then just one more quick one.

An update, I think you talked about the competitive environment a little bit. You mentioned PVC conduit pricing still down, but steel conduit up.

I think you said import competition in PVC conduit remains, but what are you seeing in the two major markets there, particularly from the foreign competition?

Specifically for foreign competition, I'll start with PVC and go to steel. PVC continues, imports continue to come in.

Maybe not a surprise, because again, there's very few tariffs. It's the 10%, and as we've walked through, it all depends, this is not new news, on the what somebody claims is the value.

I don't think anything's dramatically changed there, but it's not like it's necessarily improved. It's still probably, again we don't have precise numbers on the market size, but it's still probably less than 10%, of the whole market.

It's growing our PVC business is also growing. Steel, I think there is moving more in our favor where, again we had strong growth.

Give or take for the last 3 months, I want to say from a year-over-year perspective, it was down low to mid-single digits for imports. While they're stepping back slightly, we're continuing to grow.

Then, I think in the prepared remarks, but if not, both our quarter-over-quarter, sequential quarters are up in price and also sequentially, up in margins and so forth. Moving, definitely in the right direction for metal conduit.

Appreciate all the color.

Thanks, Andy.

Hey, good morning, everyone.

Morning.

I appreciate there's an update specific on the strategic review, but maybe could you give us some more color and an update on the cost-saving effort, what you expect productivity to contribute following the nice start to this quarter, and particularly around the exit of those three facilities that's expected to be completed here soon?

I'll walk through and get color from the team here. Strategic alternatives, it's still being worked.

Again, as we've always said, the board doesn't have a timeframe, I don't want to sit here and give, any more handicap on things or timeframe or so forth. We continue to progress through different things.

Obviously, we mentioned small things like the divestiture of Techcon. We're still moving forward with HDPE, probably at a faster pace than you could, imagine than the overall examination if we do consider, Atkore as a whole corporation and so forth.

From that standpoint, moving forward, phenomenal quarter with productivity. I expect this to be our best year probably for productivity.

On the same hand, realistically, we're not going to have $30 million every quarter. We started a good January, and it should be, last year was a strong productivity and this should be a good year of productivity.

Then finally to the three plant closures, I'll let John Pregenzer or John Deitzer add a little bit more color. I think to what John Deitzer has mentioned in the past, it's $10, $12 million, and we think potentially more, as we get things running.

I would say they're running, the closures at a, smooth, right-on-schedule compliment to John Pregenzer if he wants to add anything to that.

No, Dave, I think everything's going as planned, seeing favorable transfer of the manufacturing equipment and startup, hiring of the people in the plants that are getting the additional capacity is going well, the training's going well. We don't see any issues with executing all three of those actually on plan and on schedule.

Great. Then just to add, David, just a little bit of color on the productivity dynamic throughout the year.

We are very pleased, as Bill mentioned, around the first quarter's performance. As John mentioned, we're really pleased with the where we're going.

We have a little bit of dynamics quarter-to-quarter this year, just meaning the second quarter in particular. Last year in Q2 was a pretty strong, was the high-water mark for us from an EBITDA perspective, and so the comp will have a little bit of a dynamic this year, Q2 year-over-year.

That being said, though, we're really pleased with the overall plan for annual productivity this year, and then think some of these initiatives will continue to benefit us as we move into '27. In the second quarter, we're not likely to see the strength here that we saw in the first quarter, largely due to the year-over-year comparison item.

Hopefully, that helps in framing it a little bit, the dynamics.

Yes, thanks, that's helpful. Then nice to see the price declines on the top line narrow, but maybe to put a finer point on price cost, could you give us an update on what you have here embedded in the guide?

It looks like much of the year-over-year headwind that was previously expected has already occurred. How should we be thinking about that previous unmitigated $50 million headwind now and the offsets to it?

Got it, David. It's a good question.

The price versus cost headwind that we have this year is largely loaded here in the first half. You see the impact in the first quarter.

We again think the second quarter year-over-year, we're going to have a price versus cost unfavorable. I don't want to start guiding price versus cost, quarter-to-quarter, but we do anticipate the totality of the back half to be price versus cost positive here.

Might be very slightly, but that's, potentially here as we're ramping. It is very much loaded here in the first half.

We'll see how the dynamics play out throughout the year. Right now, to your point, very much a first half issue here that we're working through.

Great. Thanks for the color, guys.

Thank you, David.

Hey, good morning, guys. Terrific margins on S&I.

Is that 16.2%, is that sustainable moving forward, or just kind of any thoughts there?

Thanks, Chris. I feel like a little bit of a broken record.

I've said this a few times. We anticipate that business to be more in the, let's call it 12% to 14% adjusted EBITDA margin level.

It does have some mixed dynamics when we think about the growth in solar, etc., that might have a little bit of margin dynamic with it. That team has done a very nice job of performing from a productivity perspective and has driven those margins higher.

I do anticipate, some of the mixed dynamics probably will level out a little bit. I don't know if we're going to be able to continue exactly at the positive productivity level we had.

We did have, some items that were more discrete benefits here in the first quarter that helped push that elevated a little bit. We'll probably see margin regression in the S&I segment here as we move throughout the year.

Got it. From a cash flow perspective, you talked about Q1 timing, some of the issues there.

Just maybe from a fiscal '26 perspective, can you talk a little bit further in terms of overall thoughts and how we should be thinking about that?

It's a great question. As we move through the year, we do anticipate cash from ops to improve.

The first quarter was a bit of a headwind, as we mentioned, but you have to go back and remember how strong of a cash flow quarter we had in the fourth quarter of fiscal '25. We had received multiple AR payments both back in July and then in September.

The way this quarter ended on December 26th, we, several large receivables we have fell into our fiscal January, but really occurred, December 28th or 30th type of dynamic. As we look forward, we expect to be modestly here price cash from ops positive in the second quarter, and then continue to ramp here in the third and fourth quarter from a cash flow perspective.

You have seen we have modestly reduced our expectation on capital expenditures here this year. We're just really, ensuring we're investing in the right projects and, really dialing that in as well as we move through the year.

Got it. Maybe just the last one for me.

Obviously, backlog's not historically important metric for you guys, but with some of the change, focus here on data centers, etc., is it potentially becoming a little bit more important and is that something that's building a little bit at this point in time?

I think, Chris, there are a couple thoughts there. For the core business, it's shipped in 5 days, 10 days, and little backlog.

For the data center business itself, or global construction business to the question I answered for Andy, we are seeing backlogs grow in a couple facets: one, the amount of orders we have in, and then also things if it's not an order, kind of an LOI and so forth. I don't know at this stage or for this year if we'd want to dimensionalize that publicly, but there is the potential as it continues to grow.

It is a business that I think we're all very optimistic at the pace that business has in front of us.

Got it. Appreciate it.

I'll leave it there. Thanks, guys.

Thanks, Chris.

Thank you. Good morning, everyone.

Good morning, Deane. Morning, Deane.

Hey, how

I'd like to circle back on some of the competitive dynamics and how it impacted price in the quarter. Just, when steel being up year-over-year, that's really encouraging.

Is that more of a reflection of stronger volume, any competitive changes there? For PVC down, I know there's new capacity coming on, how much of that weighed on, the ongoing PVC pressure?

This all kind of frames the question of when do you think you get a normalized year-over-year price? Is that, it's going to be kind of hard to pinpoint which quarter, but is it still your expectation that it'll happen this year?

Deane, I'll start and then for John or John if they want to jump in there. With a multi-faceted question, I think starting with steel, I think overall demands were strong, I don't know, but I assume my competitors are also up there.

Also with imports going back, we did have a good market for us to grow and for us to get price and us to get margin. Market demand strong and so forth.

For imports and so forth there, I don't know again, I can't say specifically. I don't think it's necessarily more supply coming into the market as much as I would say in general, paid back to us hitting our numbers and so forth there.

It's probably what we perceived with price dynamics, both top line and spread and so forth. In my mind, I'm pretty pleased that we're back can't commit to the future, but we're back pegging pretty well how we think the markets are going to react.

I think to earlier comments from John Deitzer, we're still expecting spread compression within PVC. As to looking out and though when does that stop, I may turn over to my peers, but at least for me, to try to peg one quarter with any precision is a little tougher there.

That's really helpful. Then just as you talk about shifting some of the manufacturing resources to your core electrical, have you been able to size what you think your capacity increase is going to be, let's say on a percent basis, in conduit or will it be in other non-conduit electrical cable?

Now, I think especially, Deane, is think of it more conduit and here's why. To go to if you think of what Mechanical makes, it's our S&I, it is metal products.

Therefore, Harvey, for example, one of our largest facilities, it is using the 80/20 rule effectively, which is actually I think helped the S&I margins to earlier questions of let's get with our key customers with key products and we don't have to have 1,000 C items. It's actually helping and our intention future to actually help the margins there.

Then it is freeing up capacity for our electrical products said to earlier conduits metal conduit specifically, and to questions here that we just answered, it's where we are seeing volume growth and with data centers and overall markets, it's a place that we would expect long-term growth. It's working well.

To say what percent's up, but I think it's enough that we can keep up with the markets as we go forward. It's kind of a win-win-win there.

Compliment John Pregenzer and the rest of the team, for really driving that effectively here.

That's helpful, thank you. Deane,

just one thing to circle back on your earlier question and David's earlier question as well, it is a little bit difficult to predict the dynamics associated with price versus cost because there's so many different factors. One item that I think we're watching here in the near term a little bit is the volatility and fluctuation that we've seen in copper.

If we just rewind, 6 months ago, it's up roughly, 40% give or take from where we gave our outlook, back in November. We're probably up around 25% and there's just been a lot of volatility there.

That would be one variable on also trying to make, some of these assessments as we move forward. These markets move quickly and so, that's one of the dynamics here that we're trying to watch and understand as we move throughout the year is that volatility a little bit.

I think the team's done a nice job because one of the facility closures is in the area where we use copper. I think it's the team's working to improve the cost structure and try to be reactive to some of that volatility as well.

There's just a lot of moving parts and dynamics versus trying to pinpoint a singular hey, this is, when things change in one way or another.

Of course, I appreciate that. Thank you.

Thanks, Deane.

Good morning, Justin. Good morning.

Just wanted to follow up on steel conduit pricing here. I think it's the fourth quarter in a row that pricing is improved.

Wondering if you could just speak a little bit to the trend you expect ahead. Do you anticipate continued price improvement in fiscal Q2?

Then does the guidance for the year embed a continued upward trend in steel pricing? How are you thinking about that?

Then just lastly, is the higher pricing supporting margin improvements for steel conduit? If you could speak to potential magnitude or how that's being affected.

Justin, I'll start here and the team can add as always. You are correct that, steel conduit prices has been four quarters have continued to go up with price.

Also in most of those quarters, it's been up, sequentially, and for example, our last quarter probably our best quarter for, in a long time. Those things are moving up.

At this stage in our forecast, I don't think we're expecting meaningful spread increases. I also wouldn't bake anything in to go for what we're guiding for used and say, oh, there's going to be so much more.

Steel prices are expected, and now I'm just going from different, people's professional forecasts that we use, to continue to go up slightly over the next, 6, 9 months here. I think we can keep up with pricing, but I wouldn't expect a lot of extra spread.

At least that's not baked into our numbers here.

Got it. Okay.

Then it's just one on the tariffs. I believe aluminum tariffs were potentially expected to have an impact on the cost structure.

Wondering how that's evolving if you've secured domestic sources of supply and what the potential impact on the margins could be.

Again without getting too specific on future steps, but you are correct, Justin, that for us, the tariffs, because where we did get our products, our aluminum, from offshore, at least offshore Canada, I'll be specific, they are being impacted by the tariffs. We are looking at domestic sources, but I don't want to give out even if nothing else for our competitors, the probability of that, because even simple things like that, getting to through specs.

Then also, I do think that domestic manufacturers, back to they know that people like us and so forth are looking for domestic supply, they're raising the price. How much of an arbitrage we have compared to our competitors or how much we can save compared to the tariffs is hard to quantify, but I will tell you it has been an impact that I don't think we've passed along the impact of the 50% aluminum tariffs.

That kind of ties back to John Deitzer's question, or answer, even though things like copper are so volatile right now that us predicting that our cable business is a little bit more challenging in the short term here.

Got it. Okay.

I appreciate it. Thank you.

Thanks, Justin.

Morning, guys. Thanks for taking the questions.

I guess just to circle back on solar, and I think you touched on it in your prepared remarks, but I missed it. Can you just give us a sense for what the solar activity is now, how we're shifting capacity in that market, and then just an update there?

What we said, and then it's a great I'm going to joke and say a setup question for us, is solar from the quarter just with timing of projects was down from a year-over-year perspective. That said, we do have a good backlog there, almost to other people's questions on global megaprojects, orders coming in and commitments from OEMs.

Then the other thing that's helping us, that we mentioned last year, but our facility Hobart that we make a lot of the solar torque tubes in is performing really well. That does a couple things: it helps drive some of the productivity we talked about for the first quarter, it helps with our overall estimates for productivity for the year, and the increase in throughput is helping as this demand does come up here.

I think solar, global megaprojects, should be a good thing for this quarter and quite frankly the second half the year. To earlier questions, you look at the step-up, between what we're estimating for profits in Q1 and Q2 compared to what we need to deliver in Q3 and Q4 to hit the average of our numbers of $350 million EBITDA.

As a point of clarification, I just assumed that the solar torque tubes were generally for domestic projects. Any of that for export outside of North America right now?

Some. I don't know long term how much will be, but it does, one of our customers has orders, a meaningful amount here for projects overseas.

I don't know if that's a long-term trend or not versus a short-term. I think I would leave it at the majority of our focus and our customers are North America-based with coincidentally short-term some projects going overseas.

Got it. That's helpful.

Then I guess just finally on Hobart, any update as far as factory loading there, operational metrics, anything worth calling out either in terms of just being on track or any kind of wins or headaches there?

John.

No, Hobart's going well. Obviously bringing in the additional solar volume, but their operational rates are continuing to improve.

A lot of the productivity that we delivered was contributed by Hobart. I think everything's progressing as we need it to be.

Sounds good. Thanks, guys.

Thank you, Chris.

Thank you. Let me take a moment to summarize my three key takeaways from today's discussion.

First, Atkore's fiscal 2026 is off to a good start. Our results reflect a combination of healthy end markets and self-help productivity gains.

We will continue to operate with a proactive mindset as we progress throughout the year. Second, we anticipate favorable market demand for the balance of the year as we reaffirm our full-year outlook.

Finally, as we execute previously announced strategic actions and evaluate additional opportunities, we are laser-focused on creating long-term value for our shareholders. With that, thank you for your support and interest in our company.

We look forward to speaking with you during our next quarterly call. This concludes the call for today.